Preparing for business post-Brexit

“At TransferMate, we aim to provide the most convenient and cost-effective way for businesses to move money around the globe. B2B payments represent 98pc of the $138trn of currencies traded annually cross-border.

“TransferMate has built a unique technology platform, and we are delighted to welcome AIB as an investor and partner.”

Clune said the investment will enable TransferMate to invest in its commercial teams across the US, Canada, Australia and Europe, and grow its head-office, commercial and technology functions in Ireland.

“This partnership is a great example of how a leading bank and a fintech company can work together to improve their customers’ experiences,” Clune added.

Co-founder and CFO of TransferMate, Sinead Fitzmaurice, added: “Our partnership with AIB aims to combine the bank’s forward-looking digital strategy with our technology and global reach to bring business customers of the bank a truly convenient and cost-effective solution when sending or collecting funds globally.”

TransferMate has broad regulatory approval in major markets. Post-Brexit, it will become the only EU payment institution regulated throughout the EU and United States.

“This €30m investment demonstrates our commitment to deploying our capital and expertise in support of leading enterprises such as TransferMate,” explained AIB’s managing director of wholesale, institutional and corporate banking, Colin Hunt.

“The investment is in line with AIB’s strategic priority to increase the pace of innovation to serve changing customer needs by working with both dedicated internal teams and with external partners and start-ups. We will work with TransferMate and other digitally innovative partners to continue to ensure AIB business customers have access to the some of the best digital banking capabilities in the world.”